FRANCE: Moet Hennessy Q1 boosted by "robust" Champagne sales in Asia
By James Wilmore | 16 April 2013
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LVMH's wine and spirits unit saw a 7% rise in Q1 sales |
LVMH has reported a lift in sales from its wine and spirits division, Moet Hennessy, in the first quarter of 2013.
The Paris-based group said yesterday (15 April) that sales in the division totalled EUR979m (US$1.28bn) in the three months to the end of March, a year-on-year increase of 7%. Champagne sales in Asia were "notably robust" for the unit, helping offset softer demand in Europe.
Hennessy Cognac saw "rapid growth" in China and a "solid performance" in the US, the group said.
"Other spirits, including Glenmorangie and Belvedere, experienced a good start to the year," the company added.
The luxury goods company's group sales hit 6.9bn in the quarter, up by 7% on an organic basis.
Shares in LVMH opened down this morning and were trading at EUR126.70, a slip of 4.55%, at 1206 CEST.
In full-year results in February, the company reported a double-digit rise in profits and sales for Moet Hennessy.
Moet Hennessy is 34%-owned by Diageo.
Expert analysis
Global market review of brandy and Cognac – forecasts to 2016
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Sectors: Emerging markets – BRIC, Spirits, Wine
Companies: LVMH, Belvedere, Diageo
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